Borr Drilling (NYSE:BORR) Reaches New 52-Week High – Here’s What Happened

Shares of Borr Drilling Limited (NYSE:BORR) hit a new 52-week high during trading on Friday . The company traded as high as $6.38 and last traded at $6.2450, with a volume of 3634590 shares trading hands. The stock had previously closed at $6.30.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Citigroup upped their price target on Borr Drilling from $6.00 to $6.25 and gave the company a “neutral” rating in a research note on Wednesday, February 25th. Wall Street Zen cut Borr Drilling from a “hold” rating to a “sell” rating in a research note on Saturday, April 18th. Fearnley Fonds raised Borr Drilling from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 21st. Finally, Weiss Ratings cut Borr Drilling from a “hold (c)” rating to a “sell (d+)” rating in a research note on Friday, March 27th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $4.33.

Borr Drilling Trading Down 0.9%

The company has a current ratio of 2.19, a quick ratio of 2.19 and a debt-to-equity ratio of 1.65. The business has a 50 day moving average price of $5.67 and a 200 day moving average price of $4.74. The company has a market capitalization of $1.97 billion, a P/E ratio of 36.74 and a beta of 1.04.

Borr Drilling (NYSE:BORR) last issued its quarterly earnings data on Saturday, February 14th. The company reported $0.00 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.03. Borr Drilling had a return on equity of 4.14% and a net margin of 4.41%.The business had revenue of $259.40 million during the quarter, compared to analyst estimates of $238.65 million.

Hedge Funds Weigh In On Borr Drilling

Several institutional investors and hedge funds have recently modified their holdings of the business. DNB Asset Management AS grew its position in shares of Borr Drilling by 126.4% in the 4th quarter. DNB Asset Management AS now owns 8,771,876 shares of the company’s stock valued at $35,351,000 after purchasing an additional 4,896,701 shares during the period. Sona Asset Management US LLC acquired a new position in Borr Drilling during the 3rd quarter worth approximately $17,180,000. Marshall Wace LLP boosted its position in Borr Drilling by 9,222.0% during the 4th quarter. Marshall Wace LLP now owns 4,573,837 shares of the company’s stock worth $18,433,000 after acquiring an additional 4,524,772 shares during the last quarter. State Street Corp boosted its position in Borr Drilling by 4.5% during the 4th quarter. State Street Corp now owns 4,212,987 shares of the company’s stock worth $16,978,000 after acquiring an additional 180,141 shares during the last quarter. Finally, Millennium Management LLC boosted its position in Borr Drilling by 1,025.5% during the 1st quarter. Millennium Management LLC now owns 3,810,556 shares of the company’s stock worth $8,345,000 after acquiring an additional 3,471,979 shares during the last quarter. 83.12% of the stock is currently owned by institutional investors and hedge funds.

Borr Drilling Company Profile

Borr Drilling is an international offshore drilling contractor providing premium jack-up drilling services to the oil and gas industry. Established in 2016 and incorporated in Bermuda with headquarters in Hamilton, the company is listed on the New York Stock Exchange under the ticker symbol BORR. Borr Drilling focuses exclusively on the ownership and operation of mobile offshore jack-up rigs, catering to exploration and production drilling projects in both mature and emerging hydrocarbon regions.

The company’s core business activities encompass the long-term contracting of high-specification jack-up rigs suitable for shallow-to-intermediate water depths.